Ethereum failed to scale up in price after the Merge and fell to $1,200 levels days after the transition. The Ethereum network transitioned from proof-of-work to proof-of-stake last month and the development did nothing to boost its price. ETH finally had a breakthrough on Wednesday as the markets rallied and crossed the $1,500 mark. The second biggest crypto took nearly 40 days to climb above $1.5K after the Merge was complete.
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Now that ETH is above the $1.5K range, investors are bullish that its price could head north further. Pseudonymous crypto analyst Kaleo took to Twitter predicting that ETH could double in price in early 2023. The analyst predicted that ETH could break above the $3,000 level early next year.
Kaleo shared a chart on Twitter predicting, “ETH breaking above $3K again in early 2023 makes sense”. According to his observations, the price of ETH is printing higher swing highs and lower swing lows, indicating a shift in the positive direction in the coming months.
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Can Ethereum Double In Price? Here’s Our Take
Ethereum can double in price if the market conditions recover by the end of 2022, making way for a bull run in 2023. However, going by the macroeconomic factors that are affecting the global markets, a quick economic recovery might not be on the cards. Despite the recent rally, the markets are still under the bearish grips that could drag them down all over again.
If the markets fail to hold on to their positive momentum, leading cryptos could shed their weekly gains and print new lows. The markets already seem to be backtracking and are on the plus side of the razor’s edge.
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Therefore, Ethereum doubling in price might be beyond reach during early 2023. The global economy needs to recover first before investors hope to double their money in the next six months.
At press time, Ethereum was trading at $1,548 and is up 1.4% in the 24 hours day trade. ETH is down 68.5% from its all-time high of $4,878, which it reached in November last year.